Sutlej Cotton Mills Ltd. v. CIT

Bajaj Hindustan Ltd, Mumbai vs. DCIT 3(1), Mumbai

In the result, the appeal of the assessee in ITA No

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

…he revenue and on further appeal the co- ordinate bench set-aside the matter back to the AO with a direction to examine the relevant materials after considering the decision of the Hon'ble Supreme Court in the case of Sutlaj Cotton Company Ltd. Vs. CIT (1979) 116 ITR 1 (SC). For the year under consideration i.e. AY 2008-09 it is submitted that the notional gain on foreign exchange fluctuation pertaining to AY 2007-08 is reversed but the same has been inadvertently added by the assessee while filing the return of income. The ld. AR submitted that the above decision of the coordinate bench for AY 2007-08 has a cons…

Dy. Commissioner of Income Tax - Circle 3(3)(1), Mumbai vs. Reliance Corporate It Park Limited, Mumbai

The appeal stands dismissed

Bench: Justice (Retd.) C V Bhadang, Hon’Ble & Shri B R Baskaran, Hon’Ble

…ccount as per AS-19 may not have any relevance as to the claim of depreciation which will be governed by the provisions of the Income Tax Act. Reliance in this regard is placed on the decision of the Hon’ble Supreme Court in Sutlej Cotton Mills vs. CIT [1979] 116 ITR 1 (SC) and Kedarnath Jute Mfg. Co. Ltd. vs. CIT [1971] 82 ITR 363 (SC), which have been referred to by the CIT(A) in the impugned order. It is next submitted that the CBDT has also taken cognizance of the Accounting Standards issued by the ICAI creating a distinction between finance lease and an operating lease. However, by virtue of Circular no. 2 o…

Ntt Global Data Centers & Cloud Infrastructure India Private Limited (Erstwhile Netmagic It Services Private Limited), Mumbai vs. DCIT-10 (3)(1), Mumbai

In the result the issue under consideration is remitted back to the file of Assessing Officer for statistical purpose

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blentt Global Data Centers & Cloud V. National E-Assessment Centre Infrastructure India Private Limited {Now Known As National {Erstwhile Netmagic It Services Faceless Appeal Centre} Private Limited} Delhi 7Th Floor, Hiranandani Business Park Sakinaka S.O., Mumbai - 400072 Pan: Aaccn2366D (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta, Shri Arpit Doshi & Ms. Payal Mehta Department Represented By : Shri S. Srinivasu

…all Equipment under any or all Leases. 11. It is a settle legal position that the treatment given in books of accounts is not determinative for the purpose of Income Tax Act. Reference is made to following decisions: (a) Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) (b) Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) 12. Reference is also invited to the Circular No. 2 of 2001 dated February 9, 2001, issued by CBDT wherein CBDT has also opined that the aforesaid AS -19 issued by ICAI creating distinction between operating and finance lease will have no implication under provisions of the Act. 13…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai City

In the result, appeals of the revenue and CO’s of assessee stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

…rin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such benefit. 13.2. The assessee further submitted that Sec. 80IA(8) itself contemplates a situation where goods or services are…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai

In the result, appeals of the revenue and CO’s of assessee stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

…rin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such benefit. 13.2. The assessee further submitted that Sec. 80IA(8) itself contemplates a situation where goods or services are…

Thomas Cook (India) Ltd., Mumbai vs. Addl/ Jt/ Dy/CIT/Asstt/ITO, National E-Assessment Centre, Delhi

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

…rned by the provisions of the Act and is not dependent on the treatment followed for the same in the books of accounts. For the above proposition, the Appellant would like to reply on the following decisions as under:  Sutlej Cotton Mills Ltd. vs. CIT [1979] 116 ITR 1 (SC)  Kedarnath Jute Mfg. Co. Ltd. vs. CIT [1971] 82 ITR 363 (SC) 2.7 In the instant case, the Appellant has duly disallowed the book depreciation on the assets taken on finance lease which has been capitalized in the books of account in accordance with AS-19/ Ind-AS accounting for the period for which the assets were taken on lease by the Appella…

Concentrix Services India Private Limited (Formerly Known As Minacs Private Limited, Minacs Limited & Adity Birla Minacs Worldwide Limited ), Mumbai vs. Joint Commissioner of It (OSD)10(2)(2)Assistant Commissioner of Income Tax-9(2)(2), Mumbai

…es have held that foreign exchange fluctuation loss suffered on account of circulating capital or revenue account should be treated as revenue expenditure in the year in which the devaluation takes place when the method of accounting followed is mercantile. • 116 ITR 1 (SC) • 154 ITR 460 (Cal) • 90 ITR 323 (Ker) • 97 ITD 125 (Ahd) (TM) @ 151 para 8.28 Accordingly, this itself establishes that the Appellant has adopted the system of accounting which is fair and reasonable and supported by the Accounting Standard AS -11, Rule 115 and various authorities and not adopted to avoid incidence of income tax. And in an…